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Qualcomm Appoints Steve Mollenkopf to CEO

Fri, 12/13/2013 - 9:31am
Andrew Berg

Qualcomm Friday  announced that its board has unanimously voted to promote Steve Mollenkopf to CEO-elect, with his instatement effective March 4, 2014. Mollenkopf will assume Qualcomm's CEO duties on March 4, 2014

Mollenkopf will relieve long-time CEO Dr. Paul Jacobs of his duties. Jacobs will remain a Qualcomm employee and executive chairman of the company's board. 

The news comes just one day after Bloomberg reported Mollenkopf had been added to a list of possible successors to Microsoft CEO Steve Ballmer. 

Mollenkopf is a 20-year veteran at Qualcomm and has held a variety of leadership positions, including leading the company's chipset business (QCT). Under Mollenkopf, QCT completed the $3.1 billion acquisition of Atheros. Most recently he served as Qualcomm's president and chief operating officer and as a member of the executive committee. 

According to data compiled by Bloomberg, Mollenkopf's total compensation came to $14.2 million last year. 

For its fiscal fourth quarter, Qualcomm reported an 18 percent increase in net income to $1.5 billion, which was fueled largely by a boost in chip shipments. 

Shares of the company were up slightly to $73.28 in pre-market trading Friday. 

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